Galaxy Digital’s CEO, Mike Novogratz, is alarmed by the government’s focus on regulating cryptocurrency rather than artificial intelligence (AI). With AI’s rapid development, he believes that it poses a greater threat, such as causing a “deep fake” identity crisis, and he’s urging for a shift in regulatory priorities.
During a recent conference call, Novogratz expressed shock over the disproportionate attention crypto receives compared to AI regulation. He argues that the government has it “completely upside-down” and that AI’s potential risks are being overlooked.
In a world where AI-generated “deep fakes” can create convincing, false personas, Novogratz envisions a future where blockchain-based applications will be crucial in combating these issues by verifying identities and securing data.
Novogratz also highlights the crypto market’s remarkable 2023 recovery, citing “seller exhaustion” and China’s reopening as key factors. The market experienced a significant bounce back after the harsh measures taken by the Chinese government in previous years. Now, with the easing of restrictions, Novogratz notices more crypto activity emerging from China.
Despite the regulatory focus on crypto, Novogratz is confident that the market will continue on an upward trajectory throughout the year. He points to strong technical indicators and believes that the market has reached a turning point after a tumultuous 2022.
In conclusion, Mike Novogratz’s concerns over AI regulation raise important questions about the government’s priorities in the tech sector. As AI continues to advance at an unprecedented rate, it is vital to consider the potential risks and work on developing solutions, like blockchain technology, to mitigate these dangers. With the crypto market showing resilience and growth, perhaps it’s time for regulators to turn their attention to AI and its potential impact on society.